Port hails momentum as demand delivers record results

A maritime trade hub has unveiled record results.

Port of Tyne saw revenue rise by more than 20 per cent to £67 million in 2024, with pre-tax profit increasing 73 per cent to £4.4 million.

Earnings before interest, tax, depreciation and amortisation were 21 per cent better off at a decade high of £16.8 million.

Bosses say the successes were driven by “significant” increases in volumes across cargo handling, property and offshore renewables, with the hub also enjoying its best-ever year for cruise operations with 72 vessel calls.

Further highlights included a 44 per cent reduction in CO₂ emissions, a deal to buy the UK’s first fully electric foiling pilot vessel, the creation of the Green North Sea Shipping Corridor and the refurbishment of Herd Groyne Lighthouse, in South Shields.

Plans are also progressing to create a £923 million subsea cable making base at the port, which officials say would create 500 direct jobs and 1000 supply chain roles.

Matt Beeton, chief executive, said: “Our strong 2024 financial results reflect the hard work and dedication of all my colleagues, as we advance our vision to build a smart port and achieve net-zero. 

“This strong foundation allows us to keep investing for the future, enabling major projects like the proposed £923 million high-voltage cable production facility at the overhauled Tyne Renewables Terminal. 

“This is key as we continue to build our market presence as a regional hub for clean energy development and deployment.”

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